Leading cryptocurrency exchange Coinbase will add support for Sperax (SPA) labeled ‘experimental’. After this announcement of the stock market, the price of altcoin took flight.
Coinbase listing news has blown altcoin price!
Coinbase, one of the major cryptocurrency exchanges, announced that it will add a new altcoin to its list. This lucky altcoin is Sperax, an open source project focused on building software products on it. The project team founded Sperax in late 2019. Meanwhile, Sperax has created the first auto-yielding stablecoin, USDs and a suite of DeFi applications with the Sperax Token (SPA) at its core. Coinbase made the following statement in its announcement on the subject:
Coinbase will add support for Sperax (SPA) on the Arbitrum network (ERC-20 tokens). Do not send this entity over other networks. Otherwise, your funds may be lost. Transfers for this asset are available on Coinbase and CoinbaseExch in trading supported regions.
https://twitter.com/CoinbaseAssets/status/1653427219618844675
The crypto exchange also stated that trading will begin on or after 09:00 CEST on May 3, 2023 if the liquidity conditions are met. Coinbase will gradually launch trading in SPA-USD once the asset is in sufficient supply. Meanwhile, the exchange noted that SPA support may be restricted in some jurisdictions.
As Cryptokoin.com reported, altcoin price took off after this development. SPA, which was traded at $0.1865 during the day, jumped up to $0.2909 after the announcement. At press time, the altcoin was trading at $0.2728, up 46% on a daily basis.
SPA daily price chart / Source: CoinMarketCapWhat is an experimental entity tag?
To be transparent and help customers make informed decisions, Coinbase labels certain tradable assets that are new to the platform or have relatively low trading volume compared to the broader crypto market. Price fluctuations associated with lower volume and availability carry certain risks. That’s why the stock market advises investors to be wary of these assets.
Are there any trading restrictions associated with the experimental asset tag?
No, the Experimental asset tag does not affect the ability to send, receive, buy, sell and/or hold assets on Coinbase. However, before trading an experimental asset for the first time, the exchange asks you to confirm that you have read and understood the risks involved, such as price fluctuations and canceled orders.
How to tell if an entity is experimentally?
For related entities, the ‘Experimental’ tag is on the entity detail page for customers signed into their accounts. Coinbase also notifies you during the transaction if you try to buy one of these assets.
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